Smart Product Insurance

Abstract

The insurance business is all about data, with the available amount of data increasing at a high rate. At the same time, with the rise in cloud computing, data storage and processing costs continue to tumble. The ability to apply internal, external, and behavioral data to add value across the insurance lifecycle is what insurers want because the possibilities are endless. Many systems available today, do not offer a complete package to the needs of the growing insurance industry. They are slow, less flexible, inefficient, and error prone, making the claiming process take weeks or months. They have high administrative costs leading to high premiums charges on customers. They also lack being dynamic and contain few varieties in products and personalized services. Our Smart Product Insurance system brings a complete package to the needs of the insurer in that, it will be simple, dynamic, and flexible to the customers and made to specifications of the insurer. This system aims at being able to generate claims instantly and calculate premiums easily, enable addition of new category of products with specific rates by the insurer and give an installment plan in each category as per the insurer’s set up; features not available on the current alternative systems. Designing method of the system is the development of user interface using JavaScript, CSS, and HTML where the user can interact easily with the interface, followed by the integration of the backend using Java and SQL Server. This system unlike the most commonly developed systems will have lots of contributions and outcomes in that; business agility and operational performance will be greatly enhanced; Low administrative cost leading to low premiums to customers; Millions of policies can be grown from the business using a single platform; Testing of new products in the market can be done without inquiring huge IT costs; Easy and quick set up of new insurance products; and lastly, high levels of flexibility in operations.